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Utility
Utility is the amount of satisfaction derived from the consumption of a commodity or service at a particular time. Utility is not inherent but a psychological satisfaction, i.e. depends on the individual's own subjective estimate of the amount of satisfaction to be obtained from the consumption of the commodity.
Explain important terms of marginal productivity and wage inequality Marginal Productivity and Wage Inequality: a. Market power • Compensating Differentials • Dang
what is the uses of production functns?
You own a pharmaceutical company that is specialized in the manufacture of medicine for smokers. You newly patented an innovative drug called Clealung, which drastically reduces th
Real Rigidities in the Goods Market The most important factor associated with real rigidity in the goods market is the existence of imperfect competition. Imperfect comp
Supply and Demand Discuss and analyze following statement: The Wall Street Journal reported that recent law school graduates were having a very difficult time obtaining jo
Describe about the Theory of profit Every industrial and business enterprise aims at maximising profit. Profit is the difference between total economic cost and totalrevenue. P
Supplementary Reserve, Requirements/Special Deposit If the Central Bank feels that there is too much money in circulation, it can in addition require commercial banks to mainta
Types of Income Elasticity of demand Depending upon the product, demand might increase or decrease in response to a rise in income. There are thus five types of income Elasti
Q. Explain about Delphi method? Delphi method: This is a systematic, interactive forecasting method that depends on a panel of experts. Experts answer questionnaires in two o
LONG RUN EQUILIBRIUM FOR THE FIRM Since there is freedom of entry into the industry the surplus profits will attract new firms into the industry. As a result the supply of th
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